EX-10.4



 Exhibit 10.4 

September 23, 2015 
 PERSONAL AND
CONFIDENTIAL 
 Mr. Stephen D. Kaye 
 Dear
Stephen, 
 We are delighted to extend to you this offer of employment to be the Chief Executive Officer of Korn Ferry
International’s (“Korn Ferry” or the “firm”) [advisory business unit which is currently intended to consist of Korn Ferry’s legacy Leadership & Talent Consulting business unit combined with the Hay Group (as
defined below)]. The purpose of this offer letter (referred to herein as this “Offer Letter”) is to confirm the terms of your employment, including your responsibilities, reporting relationships, compensation, employee benefits, and
professional requirements. This letter will be subject to and effective only upon the consummation of Korn Ferry’s acquisition of HG (Luxembourg) S.à r.1., a private limited liability company (société à
responsabilité limitée) organized under the laws of Luxembourg and its operating subsidiaries (together the “Hay Group”), (“Start Date”). 

Base Salary 
 Your monthly base salary
will be $37,500.00, payable in semi-monthly increments. 
 Annual Incentive Award 

You will be eligible for an annual incentive award of up to $1,550,000 (cash and LTIP) with a target annual incentive award of $850,000 (cash
and LTIP). This award will be based on an appraisal of your achievements in meeting goals established by the Compensation and Personnel Committee of the Board of Directors of Korn Ferry (“Compensation Committee”) and such other factors as
may be determined in the discretion of the Compensation Committee. 
 During your first 12 months of employment with Korn Ferry you will be
guaranteed minimum total cash compensation (consisting of base salary and annual incentive award) of $1,200,000. The annual incentive portion of this guarantee ($750,000) (the “First Year Minimum Incentive”) will be paid to you in cash, as
an advance, in equal semi-monthly payments over the first calendar year of your employment with Korn Ferry. Any annual incentive award for Korn Ferry’s 2016 and 2017 fiscal years earned in excess of this









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September 23, 2015 
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guarantee/advance will be paid at such time and in such manner as determined by the Compensation Committee. Following fiscal year 2017, you will not have any guaranteed minimum incentive award
amount or be entitled to any further advance incentive award payments. 
 Retention Incentive Award 

In connection with Korn Ferry’s acquisition of Hay Group, Korn Ferry will establish a retention incentive plan (the “Retention
Plan”) providing for the payment of cash bonuses subject to the terms and conditions of the Retention Plan. You will be entitled to receive an award under the Retention Plan in the amount of $1,000,000 (the “Retention Award”), which
award shall be granted as of your Start Date and shall be governed by and subject to the terms and conditions of the Retention Plan. 
 Sign On Award

 In addition to the award under the Retention Plan, you shall also be entitled to receive a one-time award of restricted stock units
(the “Sign On Award”), covering a number of shares with a fair market value on the grant date of the award (as determined by the Compensation Committee) of one million dollars ($1,000,000). Such restricted stock unit award will vest in
four equal annual installments on the 1st, 2nd, 3rd, and 4th anniversaries of your Start Date, subject to your continuous active full-time employment with Korn Ferry through each vesting date and the terms and conditions of Korn Ferry’s
standard form of restricted stock unit award agreement. The date of grant of this award will be the later of the date you commence full-time active employment with Korn Ferry or the date the awards are approved by the Compensation Committee, but in
no event later than 30 days following the Start Date. All other terms of the award shall be determined by the Compensation Committee and consistent with Korn Ferry’s equity compensation plan and applicable form of award agreement. 

Employee Benefits and Perquisites 
 You
will be eligible to participate in such employee benefit plans arrangements and programs maintained by Korn Ferry from time to time for the benefit of its senior executives generally. In addition, while employed by Korn Ferry you will receive $450
per month as an automobile allowance. Please be aware that these programs are subject to change. If they are modified in the future, you will continue to be eligible for such benefits as are provided to other senior executives of the firm. 

“At will” Employment and Termination of Employment 

Your employment with Korn Ferry will be an employment “at will” and this arrangement may be altered only in writing by the CEO or
General Counsel of Korn Ferry. 
 In the event that your employment with Korn Ferry is terminated (i) by Korn Ferry for any reason
other than Cause (as defined below) and not due to your death or Disability or (ii) by you for Good Reason, and such termination of employment occurs prior to or more than 12 








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September 23, 2015 
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months after the occurrence of a Change in Control (as defined below), then Korn Ferry will pay to you your Accrued Compensation (as defined below), payable within 30 days after your termination
(with the payment date during such 30 day period to be determined by Korn Ferry in its sole discretion), and a pro rata portion of the annual cash incentive award you would have received for the fiscal year in which your employment terminates (based
on Korn Ferry’s actual performance over the entire year and the number of days of your actual service to Korn Ferry during such fiscal year), which pro rata portion will be payable to you at the same time bonuses are paid to executives
generally for the applicable fiscal year, and 
 (1) Korn Ferry will pay to you the amount in cash equal, in the aggregate, to twelve
(12) months of your then current annual base salary, to be paid in equal monthly installments over a period of twelve (12) months after the date your employment terminates; 

(2) any portion of the First Year Minimum Incentive that has not already been paid to you prior to the date of such termination of employment
shall be paid to you in a lump sum within thirty (30) days following your termination date (with the payment date during such 30-day period to be determined by Korn Ferry in its sole discretion), subject to the release requirement described
below; 
 (3) for up to eighteen (18) months after such termination, to the extent you and/or your covered dependent(s) continue to
participate in Korn Ferry’s group health plan(s) pursuant to COBRA after your termination of employment and to the extent permitted by applicable law, Korn Ferry will provide reimbursement of COBRA coverage premiums paid by you and your covered
dependent(s) so that you and your covered dependent(s) enjoy coverage at the same benefit level and to the same extent and for the same effective contribution, if any, as participation is available to other executive officers of Korn Ferry; 

(4) to the extent then outstanding and unvested, your Retention Award and Sign On Award will become fully vested, and to the extent
applicable, payable, as of the date your employment terminates; 
 (5) outstanding equity incentive awards held by you (other than the Sign
On Award and any performance shares) and all of your benefits under the Executive Capital Accumulation Plan, if any, at the time of your termination that would have vested in the twelve (12) months following the date your employment terminates
(in each case, as if such incentives and benefits permitted proportionate vesting in monthly increments rather than any longer increment) will become fully vested as of the date your employment terminates and, to the extent applicable, shall remain
exercisable until the date that is the earlier of (x) two (2) years after the date your employment terminates and (y) its originally scheduled expiration date; and 

(6) you shall receive a number of performance shares and/or a payout under any long-term performance-based cash incentive program (as
applicable), payable no later than the March 15 of the year following the calendar year in which the applicable performance period ends, equal to the product of (A) the performance shares and/or cash award that would have been earned if
you had served Korn Ferry for the entirety of any open performance period at the time of your termination of employment based upon Korn Ferry’s actual performance during such 








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period, and (B) a fraction, (x) the numerator of which fraction shall be the sum of (i) the number of days of your employment during any such performance period and (ii) 365
(provided that the numerator shall not exceed the number of days in the applicable performance period) and (y) the denominator of which fraction shall be the number of days in the applicable performance period (as determined in the sole
discretion of the Compensation Committee). 
 In addition, if your employment with Korn Ferry is terminated (i) by Korn Ferry for any
reason other than Cause and not due to your death or Disability or (ii) by you for Good Reason, and such termination of employment occurs within 12 months after the occurrence of a Change in Control (as defined on Schedule A hereto), then you
will be entitled to the same severance and other benefits as described in clauses (1) through (6) above, except that the aggregate payment in clause (1) above shall be in the amount equal to twelve (12) months of your then
current annual base salary plus your full target annual incentive award (and these severance payments will be made in the same form and at such time as set forth in this section in paragraph (1) above), and you will be entitled to vesting of
100% of your outstanding equity incentive awards and all benefits under the Executive Capital Accumulation Plan, if any, provided that with respect to performance-based awards such vesting will be based on actual performance through the date of the
Change in Control. 
 In the event that your employment is terminated by Korn Ferry for Cause, by you without Good Reason or as a result of
your death or Disability, you will not be entitled to the severance compensation described above, but instead will only be entitled to payment of the Accrued Compensation through the date your employment terminates, payable within 30 days after your
termination (with the payment date during such 30 day period to be determined by Korn Ferry in its sole discretion). 
 Notwithstanding
anything in this letter to the contrary, other than the payment of the Accrued Compensation through the date of termination of your employment, you shall not be entitled to any severance payments or benefits hereunder (i) unless and until you
execute and deliver to Korn Ferry, within twenty-one (21) days of the date of termination of your employment, a unilateral general release of all known and unknown claims against Korn Ferry and its officers, directors, employees, agents and
affiliates in a form acceptable to Korn Ferry, and such release becomes fully effective and irrevocable under applicable law, and (ii) unless you are, and continue to be, in compliance with the terms set forth below under the headings
“Business Information and Non-Competition” and “Assignment of Inventions”. In addition, promptly following any termination of your employment (other than by reason of your death), you will deliver to Korn Ferry reasonably
satisfactory written evidence of your resignation from all positions that you may then hold as an employee, officer or director of Korn Ferry or any affiliate. 

For purposes of this letter: 

“Accrued Compensation” means, as of any date, the amount of any unpaid base salary earned by you through the date of the termination
of your employment and any annual cash incentive award earned by you, but not yet paid, for the most recently completed fiscal year prior to the termination of your employment. 








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September 23, 2015 
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 “Cause” shall mean (a) conviction of any felony or other crime involving
fraud, dishonesty or acts of moral turpitude or pleading guilty or nolo contendere to such charges, (b) reckless or willful behavior or conduct that causes or is reasonably likely to cause Korn Ferry material harm or injury or exposes or is
reasonably likely to expose Korn Ferry to any material civil, criminal or administrative liability, (c) any material misrepresentation or false statement made by you in any application for employment, employment history, resume or other
document submitted to Korn Ferry, either before, during or after employment, (d) any material violation of Korn Ferry’s material written policies or procedures including those described under Professional Requirements below, or
(e) any of your representations or warranties set forth in the third paragraph under Professional Requirements below are, or become, untrue or inaccurate. 

“Disability” shall mean you are unable, by reason of mental or physical disability, incapacity or illness, to perform substantially
all of your duties and obligations hereunder, which condition lasts for a continuous period in excess of three (3) months, or an aggregate period in excess of four (4) months in any one (1) calendar year. 

You shall be deemed to have “Good Reason” to terminate your employment hereunder if, without your prior written consent,
(A) Korn Ferry materially reduces your duties or responsibilities as Chief Executive Officer, Hay Group; (B) Korn Ferry materially reduces your then current base salary or target annual incentive award as set forth herein (in each case,
other than as part of an across-the-board reduction applicable to all “named executive officers” of Korn Ferry (as defined under Item 402 of Regulation S-K and to the extent employed by Korn Ferry at that time)); or (C) Korn
Ferry materially breaches a material term of this letter agreement. Prior to terminating for Good Reason, you are required to provide Korn Ferry with 30 days advance written notice of your intention to terminate employment for Good Reason, and Korn
Ferry shall be permitted to cure any events giving rise to such Good Reason that are subject to being cured during such 30 day period, after which, if such event remains uncured, your employment must terminate within 30 days. 

Professional Requirements 
 You will
continue to be subject to (and hereby acknowledge) the firm’s Code of Business Conduct, Code of Business Conduct and Ethics, Non-Harassment and Non-Discrimination Policy, Information Technology Security Policies and Procedures, Policy Statement
Regarding Insider Trading, Media Contacts, and Securities Analysts, Policy Statement Prohibiting Payments to Foreign Government Agencies and Officials, Political Parties, Leaders and Candidates, and False Entries in Books and Records, and the
Agreement to Protect Confidential Information which govern all aspects of our professional practice. Copies of the Codes, Policies and Agreement have been previously provided to you. Your employment continues to be contingent on your abiding by the
provisions of these documents. 
 In addition, as an executive officer of Korn Ferry, you hereby acknowledge and agree that you are subject
to the terms and conditions of the Korn Ferry International Clawback Policy, as in effect from time to time, a current copy of which has already been provided to you. You also agree that all “incentive payments” and “performance-based
equity awards” you receive, as such terms are defined in the Policy, are subject to the terms and conditions of the Policy. 








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 You also represent and warrant that as of the Start Date you will be legally available to
work for Korn Ferry, that you have the full legal right and authority to negotiate and accept this offer letter of employment and to render the services as required under this offer letter, and that by negotiating, accepting and signing such offer
letter and rendering such services, you will not have breached or violated and will not breach or otherwise violate any contract or legal obligation that you may owe to any third party. You further represent and warrant that you have not and will
not breach or violate any contract or legal obligation owed to any third party, e.g., a fiduciary obligation owed to your current employer. If for any reason whatsoever, any of the foregoing representations or warranties are untrue or inaccurate, or
become untrue or inaccurate after your acceptance of such offer letter, in any respect, then Korn Ferry shall have the right to terminate your employment for Cause. 

Business Information and Non-Competition 

You acknowledge and agree that, during your employment with Korn Ferry, you will have access to Korn Ferry’s customer information, trade
secrets and other confidential and proprietary information relating to the business of Korn Ferry and, therefore, in consideration of the payments and benefits provided under this letter, you will comply with the restrictions and obligations set
forth in this letter. 
 You agree that during the term of your employment, except as necessary to carry on the business of Korn Ferry or
its subsidiaries or affiliates, and after the expiration of your employment for any reason, you shall not, directly or indirectly, use or disclose to any person, firm, or corporation, any candidate list, personal histories or resumes, employment
information, business information, customer lists, business secrets or any other information not generally known in the industry concerning business or policies of the firm or its subsidiaries or affiliates, including, but not limited to the list of
clients or placement candidates of the firm or its subsidiaries or affiliates. 
 You further agree that during the term of your employment
and the period ending two years after your employment terminates for any reason, you will not directly or indirectly (as owner, principal, agent, partner, officer, employee, independent contractor, consultant, stockholder or otherwise)
(1) solicit or accept any executive search or leadership development/consulting assignment from, or otherwise attempt to provide services then provided by the firm or its subsidiaries or affiliates to, any existing client of the firm or its
subsidiaries or affiliates or any person who has been a client of the firm or its subsidiaries or affiliates during the preceding two years, or (2) solicit for employment or otherwise attempt to engage the services of any employee of the firm
or its subsidiaries or affiliates. The term “client” as used in this clause shall mean only clients as to which you, at any time during the three years preceding the date your employment terminates for any reason, contacted or engaged in
activities on behalf of the firm or its subsidiaries or affiliates. 
 In addition, you agree that during the term of your employment and
the period ending twelve months after your employment terminates for any reason you will not directly or indirectly in the entire United States and any other country where Korn Ferry or its subsidiaries or affiliates has operated or offered its
services at any time in the one-year period ending on the 








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last day of your employment with Korn Ferry, (a) own, manage, operate, be employed by, provide services to, sell, control or participate in the ownership, management, operation, sales or
control of any of the competitors (including, but not limited to, any of their subsidiaries or affiliates) listed on Schedule B (attached hereto and each business a “Listed Entity”) provided that the foregoing shall not be applicable to
the ownership of not more than 1% of the publicly traded equity securities of any of the foregoing or to the indirect ownership of any of the foregoing through the ownership of mutual funds; or (b) request or advise any of the clients, vendors
or other business contacts of Korn Ferry or its subsidiaries or affiliates with which you had contact while employed by Korn Ferry to withdraw, curtail, cancel or not increase their business with Korn Ferry or its subsidiaries or affiliates. 

Finally, you agree to notify Korn Ferry of each employment or consulting engagement you accept during the one year period following your
termination of employment (including the name and address of the hiring party) and will, upon request by Korn Ferry, describe in reasonable detail the nature of your duties in each such position. 

The terms of this letter shall be governed by and construed under and in accordance with the internal laws of the State of Pennsylvania
without reference to the principles of conflicts of laws. Should any court or other authority of competent jurisdiction determine that any agreement or covenant in this letter, in order to be effective, must be modified to limit its duration or
scope, you and Korn Ferry agree to consider such agreement or covenant to be so modified in its duration and/or scope and such agreement or covenant, and all other agreements and covenants in this letter, shall otherwise continue in full force and
effect. 
 Assignment of Inventions 

Korn Ferry shall be the sole and exclusive owner and the sole author of all of the results and proceeds of your efforts, including, but not
limited to, all ideas or suggestions, whether or not in writing, which are created, suggested and/or obtained by you in the course and scope of your employment with Korn Ferry (collectively, the “Work”), from the moment of their creation
and at every stage of their development, production, or completion. Without limiting the foregoing, in the event that any element(s) of the Work are not deemed to be a “work made for hire” for Korn Ferry, you hereby irrevocably and
exclusively assign to Korn Ferry (or if any applicable law prohibits or limits such assignment, you hereby exclusively and irrevocably license to Korn Ferry) all right, title and interest in and to such element(s) (including all copyrights therein
and thereto and all renewals and extensions thereof), and all rights to exploit the same throughout the world, in perpetuity (but in any event for not less than the period of copyright and any renewals and extensions thereof), in any and all media,
whether now or hereafter known or devised. You hereby grant to Korn Ferry the right to change, add to, take from, translate, reformat and/or reprocess the Work in any manner Korn Ferry may in its sole discretion determine. To the fullest extent
allowable under any applicable law, you hereby irrevocably waive or assign to Korn Ferry, your so-called “moral rights” or “droit moral.” You agree to execute and deliver to Korn Ferry such assignments, certificates of engagement
or other instruments as Korn Ferry may reasonably require from time to time to evidence Korn Ferry’s ownership of the Work. 








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 Section 409A Compliance 

Notwithstanding any inconsistent provision herein, to the extent Korn Ferry determines in good faith that (a) one or more of the payments
or benefits received or to be received by you pursuant hereunder in connection with your termination of employment would constitute deferred compensation subject to the rules of Internal Revenue Code Section 409A (“Section 409A”)
and not exempt from Section 409A, and (b) that you are a “specified employee” under Section 409A, then only to the extent required to avoid your incurrence of any additional tax or interest under Section 409A, such
payment or benefit will be delayed until the earlier of your death or the date which is six (6) months after your “separation from service” within the meaning of Section 409A. For purposes of Section 409A of the Code, each
right to receive payment hereunder shall be treated as a right to receive a series of separate payments and, accordingly, any installment payment shall at all times be considered a separate and distinct payment. Anything herein to the contrary
notwithstanding, the terms of this letter shall be interpreted and applied in a manner consistent with the requirements of Section 409A the regulations promulgated thereunder so as not to subject you to the payment of any tax penalty or
interest which may be imposed by Section 409A of the Code and Korn Ferry shall have no right to accelerate or make any payment hereunder except to the extent such action would not subject you to the payment of any tax penalty or interest under
Section 409A. If, under the terms of this Agreement, it is possible for a payment that is subject to Section 409A to be made in two separate taxable years, payment shall be made in the later taxable year. 

To the extent that any reimbursements pursuant to this Agreement or otherwise are taxable to you, any reimbursement payment due to you shall
be paid to you on or before the last calendar day of your taxable year following the taxable year in which the related expense was incurred; provided, that, you have provided Korn Ferry written documentation of such expenses in a timely fashion and
such expenses otherwise satisfy Korn Ferry’s Company’s expense reimbursement policies. Reimbursements pursuant to this Agreement or otherwise are not subject to liquidation or exchange for another benefit and the amount of such
reimbursements that you receive in one taxable year shall not affect the amount of such reimbursements that you receive in any other taxable year. 

Section 280G 
 Anything in this
letter to the contrary notwithstanding, in the event it shall be determined that any payment, benefit or distribution made or provided by Korn Ferry or its affiliated companies to you or for your benefit (whether paid or payable or distributed or
distributable pursuant to the terms hereof or otherwise) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or interest or penalties with
respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then such Payments shall either (a) be delivered in full, or (b) subject
to and in a manner consistent with the requirements of Section 409A of the Code, be reduced to the minimum extent necessary to ensure that no portion thereof will be subject to the Excise Tax, whichever of the foregoing amounts, taking into
account the applicable federal, state or local income and employment taxes and the Excise Tax, results in your receipt, on an after-tax basis, of the greatest amount of 








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September 23, 2015 
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benefits, notwithstanding that all or some portion of such benefits may be subject to the Excise Tax. In the event that any Payments are to be reduced pursuant to this paragraph, then the
reduction shall be applied as follows: (i) first, on a pro rata basis to your cash severance payments and your pro rata annual cash incentive award payment for the year of termination, (ii) second, on a pro rata basis to your equity
incentive awards and (iii) third, to your benefits under the Executive Capital Accumulation Plan, if any. 
 Withholding 

All amounts payable to you hereunder will be subject to customary tax and other withholdings. 

Entire Agreement 
 This offer letter,
along with any award agreement entered into thereunder, constitutes the entire agreement between you and Korn Ferry pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and
discussions, whether oral or written, of the parties with respect to such subject matter, including, without limitation, any employment agreement that you may have with the Hay Group (or any affiliate), which employment agreement shall be of no
further force or effect from and after the Start Date. 
 Acceptance 

Upon your acceptance of this offer of employment, please acknowledge your agreement with the terms set forth in this letter by signing in the
designated space below. A copy of this letter agreement is enclosed for your records. 
 I look forward to your continued success with Korn
Ferry International. If you have any questions, please don’t hesitate to call me. 
  

							
		 		 	Sincerely,	 	
				
	  
	 		 	/s/ Gary D. Burnison	 	  

		 		 	 Gary D. Burnison
 Chief Executive Officer

Korn Ferry International
	 	
				
	ACCEPTED:	 		 		 	
				
	/s/ Stephen Kaye	 		 	9/23/15	 	  

	Stephen Kaye	 		 	Date	 	









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September 23, 2015 
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 SCHEDULE A 

DEFINITION OF CHANGE IN CONTROL 

For purposes of the foregoing, a “Change in Control” shall mean any of the following: 

(a) an acquisition by any Person (excluding one or more Excluded Persons) of beneficial ownership (within the meaning of Rule 13d-3 under the
Exchange Act) or a pecuniary interest (as defined in Section 16a-1(a)(2) of the Exchange Act) in (either comprising “ownership of”) more than 30% of the Common Stock of the Company or voting securities entitled to then vote generally
in the election of directors (“Voting Stock”) of the Company, after giving effect to any new issue in the case of an acquisition from the Company; or 

(b) consummation of merger, consolidation, or reorganization of the Company or of a sale or other disposition of all or substantially all of
the Company’s consolidated assets as an entirety (collectively, a “Business Combination”), other than a Business Combination (1) in which all or substantially all of the holders of Voting Stock of the Company hold or receive
directly or indirectly more than 50% of the Voting Stock of the entity resulting from the Business Combination (or a parent company), and (2) after which no Person (other than any one or more of the Excluded Persons) owns more than 30% of the
Voting Stock of the resulting entity (or a parent company) who did not own directly or indirectly at least that percentage of the Voting Stock of the Company immediately before the Business Combination, and (3) after which one or more Excluded
Persons own an aggregate amount of Voting Stock of the resulting entity owned by any Persons who (i) own more than 5% of the Voting Stock of the resulting entity, (ii) are not Excluded Persons, (iii) did not own directly or indirectly
at least the same percentage of the Voting Stock of the Company immediately before the Business Combination, and (iv) in the aggregate own more than 30% of the Voting Stock of the resulting entity; or 

(c) approval by the Board of Directors of the Company and (if required by law) by shareholders of the Company of a plan to consummate the
dissolution or complete liquidation of Korn Ferry International; or 
 (d) during any period of two consecutive years, individuals who at
the beginning of such period constituted the Board and any new directors (excluding any new director designated by a person who has entered into an agreement or arrangement with Korn Ferry International to effect a transaction described in clause
(a) or (b) of this definition) whose appointment, election, or nomination for election was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period
or whose appointment, election or nomination for election was previously so approved (all such directors, “Incumbent Directors”), cease for any reason to constitute a majority of the Board; provided that for purposes of this clause (d),
any directors elected at any time during 1999 shall be deemed to be Incumbent Directors. 
 Notwithstanding the above provisions in this
Schedule A, no Change in Control shall be deemed to have occurred if a Business Combination, as described in paragraph (b) above, is effected and a majority of the Incumbent Directors, through the adoption of a Board resolution, determines
that, in substance, no Change in Control has occurred. 








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 The “Company” means Korn Ferry International, a Delaware corporation, its
successors, and/or its Subsidiaries, as the context requires. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended from time to time. 
 “Excluded Person” means 

(i) the Company; or 

(ii) any person described in and satisfying the conditions of Rule 13d-1(b)(1) under the Exchange Act; or 

(iii) any employee benefit plan of the Company; or 

(iv) any affiliates (within the meaning of the Exchange Act), successors, or heirs, descendants or members of the immediate
families of the individuals identified in part (ii) of this definition. 
 “Person” means an organization, a corporation, an
individual, a partnership, a trust or any other entity or organization, including a governmental entity and a “person” as that term is used under Section 13(d) or 14(d) of the Exchange Act. 








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 Schedule B 
  

			
	A. T. Kearney	  	Kenexa/IBM
	Adecco	  	Manpower
	Alexander Mann	  	Marsh & McLennan Companies, Inc.
	Ambris	  	PeopleScout
	AON plc	  	Pinstripe/Ochre House
	Aon/Hewitt	  	Pricewaterhouse Coopers
	Caldwell Partners	  	RHR International LLP
	Center for Creative Leadership	  	Right Management
	Christian & Timbers	  	RightThing/ADP
	Corporate Executive Board	  	Russell Reynolds
	CT Partners	  	SAP/Sucessfactors
	Cubiks	  	SHL
	Deloitte	  	Spencer Stuart
	Development Dimensions International	  	Spherion/Ranstad
	Egon Zender	  	Talent2/Allegis
	GH Smart	  	Taleo/Oracle
		  	Towers Watson & Co.
	Heidrick & Struggles	  	Ultimate Software
	Hogan	  	Workday
	HRX	  	YSC
	Kelly Services	  	Zenger-Folkman